No quick fix for US pensions

US Pension Reform


The bankruptcy of troubled auto supplier Delphi, hot on the heels of filings from Delta and Northwest Airlines, has brought the fragile condition of the US pensions system squarely back onto the corporate and political agenda. The fear is that these companies could be the next to default on their large underfunded pension plans and dump their liabilities on the already struggling government pension insurance agency, the Pension Benefit Guaranty Corporation (PBGC).

But as America's

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